Pinebridge Investments LLC Makes New Investment in Freeport-McMoRan Inc. $FCX

Pinebridge Investments LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 431,200 shares of the natural resource company’s stock, valued at approximately $21,901,000.

A number of other institutional investors also recently added to or reduced their stakes in FCX. Wellington Management Group LLP boosted its position in Freeport-McMoRan by 190.9% during the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after acquiring an additional 23,950,557 shares during the period. AQR Capital Management LLC raised its stake in shares of Freeport-McMoRan by 205.0% in the 2nd quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company’s stock worth $181,490,000 after buying an additional 2,813,845 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth $110,210,000. Amundi raised its stake in shares of Freeport-McMoRan by 43.7% in the 3rd quarter. Amundi now owns 7,018,624 shares of the natural resource company’s stock worth $282,991,000 after buying an additional 2,132,708 shares in the last quarter. Finally, Kirkoswald Asset Management LLC bought a new stake in shares of Freeport-McMoRan in the 3rd quarter worth $82,754,200,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 9.1%

NYSE:FCX opened at $63.37 on Friday. The firm has a market capitalization of $91.10 billion, a price-to-earnings ratio of 33.71, a PEG ratio of 0.84 and a beta of 1.35. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.09. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The business’s fifty day moving average price is $63.48 and its 200 day moving average price is $58.17.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the previous year, the company posted $0.24 earnings per share. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. BNP Paribas Exane dropped their price objective on Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Barclays assumed coverage on Freeport-McMoRan in a research note on Thursday, May 21st. They issued an “overweight” rating and a $77.00 price objective on the stock. Bank of America boosted their price objective on Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. UBS Group increased their price objective on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Finally, JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research report on Monday, April 27th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $66.04.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.